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MACC on the roll probing more than RM1b in at least three cases
KUALA LUMPUR, Feb 28, 2025: The Malaysian Anti-Corruption Commission (MACC) is on a blistering roll probing at least three cases involving more than RM1 billion in funds.
The probes implicate the administrations of two former prime ministers - Ismail “Turtle Egg” Sabri and racist and unpatriotic Muhyiddin “I Am Malay First” Yassin - and Employees Provident Fund (EPF)’s more than RM700 million “losses” in the sale of 163 million shares in Malaysia Airports Holdings (MAHB) for as low as RM6.80 per share just months before buying them back for RM11 apiece in a privatisation deal.
Is it any wonder that Malaysia is a Top 10 most corrupt country in the world, where the Government’s coffer is up for grabs by those with influential political connections.
And Malaysia's national debt, now at RM1.4 trillion, continues to rise.
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No News Is Bad News reproduces below news reports posted by The Coverage:
Dato Nazimah Time As Ismail Sabri’s Secretary Was Marked By Allegations Of Wealth Accumulation, Cronyism & Undue Influence
28 February, 2025
Dato’ Nor Nazimah Hashim served as the Principal Private Secretary to Ismail Sabri Yaakob during his tenure as Malaysia’s ninth Prime Minister from August 2021 to November 2022. She was a key figure in his administration, often described as a highly influential aide who wielded significant authority within the Prime Minister’s Office (PMO). Her role placed her at the center of several controversies that emerged during and after Ismail Sabri’s premiership, though concrete evidence of wrongdoing remains limited and much of the discussion is based on allegations and public speculation.
Nazimah’s prominence grew alongside Ismail Sabri’s rise in politics, having previously worked as his Senior Private Secretary when he held various ministerial positions. Her appointment as Principal Private Secretary during his time as Prime Minister elevated her influence, with some sources claiming she had a hand in shaping decisions and controlling access to the PM. This perception fueled narratives that she was a “kingmaker” in his administration, a term that surfaced in online discussions and media reports.
One of the main controversies linked to Nazimah revolves around allegations of corruption and abuse of power. In 2022, blogs and social media posts began circulating claims that she had amassed significant wealth, evidenced by her alleged lavish lifestyle, including expensive clothing and jewelry. These accusations suggested that her affluence grew suspiciously during her tenure as a close aide to Ismail Sabri. A notable incident tied to this narrative was the arrest of a man in September 2022 for criminal defamation after he published blog posts questioning the cost of Nazimah’s attire. The arrest, confirmed by police, sparked debate about whether it was an attempt to silence critics, further amplifying public scrutiny of her influence.
Another scandal associated with Nazimah involves her alleged role in securing government contracts and projects. Reports from outlets like Sinaran Harian in 2022 claimed she was instrumental in a RM266 million project to supply tablets under the “Keluarga Malaysia” initiative, a flagship program of Ismail Sabri’s administration. Critics alleged that she and certain ministry officials bypassed standard procedures to favor cronies, though no official charges have substantiated these claims. Additionally, there were accusations of her involvement in approving a special quota of 12,000 foreign workers from Bangladesh, linked to a company owned by a politically connected individual, potentially yielding millions in kickbacks. Again, these remain unproven allegations, with investigations by the Malaysian Anti-Corruption Commission (MACC) referenced in later reports but lacking public outcomes as of early 2025.
Nazimah’s family ties also drew attention. Some sources allege that her brother, Dato’ Hishamuddin Hashim, a senior MACC official, helped shield her and Ismail Sabri from corruption probes. This claim surfaced in blogs like Sabah Big Mouth and CorporateUntold in 2023 and 2024, suggesting a conflict of interest that stalled investigations into projects approved during Ismail Sabri’s tenure, such as flood mitigation contracts and the RM700 million government publicity spending from 2020 to 2022. However, the familial relationship and its impact remain unverified by official records, and MACC has not publicly confirmed these assertions.
Following Ismail Sabri’s exit from office after the November 2022 general election, Nazimah faded from the spotlight, but her name resurfaced in early 2025 when four former aides to Ismail Sabri, including two political secretaries, were detained by MACC. Reports from The Corporate Secret speculated that Nazimah might be called in for questioning regarding these arrests, which were tied to corruption probes from his administration. As of now, no direct legal action against her has been reported, and much of the “scandal” narrative relies on online conjecture rather than court-documented evidence.
In summary, Dato’ Nor Nazimah Hashim’s time as Ismail Sabri’s secretary was marked by allegations of wealth accumulation, cronyism, and undue influence, painting her as a controversial figure in his government. While these claims have stirred public and media interest, they largely stem from unofficial sources, and definitive proof of a scandal remains elusive as of February 26, 2025. The story reflects broader tensions in Malaysian politics, where power dynamics and corruption allegations often intertwine, but it’s worth noting that the lack of substantiated outcomes leaves much open to interpretation.
Source : Sabah Big Mouth
Source : Sabah Big Mouth
Source : The Corporate Secret
Source : Malaysia Today
MACC Probes Muhyiddin Over RM 300 Millions In Political Funds – 2 Bank Account Frozen
28 February, 2025
Malaysia’s former prime minister Muhyiddin Yassin is expected to be called up by the country’s anti-graft agency over RM300 million (S$92 million) that his party allegedly received in “political funds”.
The funds were allegedly from contractors who had been awarded government contracts under his administration, the New Straits Times (NST) reported on Tuesday.
The Parti Pribumi Bersatu Malaysia president will be summoned “in the near future”, NST said, citing a source from the Malaysian Anti-Corruption Commission (MACC).
Two bank accounts belonging to Bersatu, with a total balance of RM40 million,
Several Bersatu leaders, including the party’s treasurer, were also summoned to have their statements recorded, the NST report said.The contractors were identified following a probe into Bersatu’s accounts.
MACC chief Azam Baki had said on Feb 2 that the investigation was unrelated to a probe into the alleged misappropriation of a Covid-19 stimulus package worth RM92.5 billion by Tan Sri Muhyiddin’s government during the pandemic.
An anti-graft official told The Straits Times then that it was necessary to freeze the accounts to see if there were any irregularities.
Mr Muhyiddin was Malaysia’s eighth prime minister from March 2020 to August 2021, before he was replaced by Umno vice-president Ismail Sabri Yaakob, whose party is now a member of the unity government led by Datuk Seri Anwar Ibrahim.
Last December, MACC said it would look into an alleged misappropriation of RM600 billion of funds by the administration led by Mr Muhyiddin’s Perikatan Nasional coalition. This is reportedly unrelated to the contracts awarded.
It said the focus remains on the RM92.5 billion spent as stimulus during the Covid-19 pandemic, as these initiatives were fast-tracked because of pressing needs during the nationwide lockdown.
Former Malaysian PM Muhyiddin’s party to ask graft buster to unfreeze bank accounts
Former Malaysian prime minister Muhyiddin Yassin said on Thursday his Parti Pribumi Bersatu Malaysia will be asking the country’s anti-graft agency to unfreeze its bank accounts.
The Malaysian Anti-Corruption Agency (MACC) froze the party’s accounts a fortnight ago as the graft buster looked into an alleged misappropriation during the Perikatan Nasional (PN) chief’s 18-month tenure.
Tan Sri Muhyiddin said the MACC is aware of the funds in Bersatu’s accounts, and he is confident that the party has proper financial records.
“It (the money) is from legitimate sources. Therefore, we will send a letter today to the MACC to request MACC to unfreeze Bersatu’s accounts,” he told the Malaysian media.
Mr Muhyiddin said that the suspension of the party’s accounts has affected its operations.
“If they want to freeze our accounts for three months, it will be hard. My officers will have no salaries, offices cannot be maintained and rents cannot be paid. It will affect party administration and also our role as an important party in the country.”
He said the party has fully cooperated with the MACC and hoped the agency will lift its suspension of Bersatu’s accounts if no wrongdoing is found.
“Bersatu needs the funds to campaign during state elections, which will be held soon.” he added.
He expressed hope that the frozen accounts are not a ploy by the current government to disrupt PN’s election machinery in the looming state polls.
“If this step is taken, it will affect our efforts in election activities as well as assistance to our friends in Perikatan,” said Mr Muhyiddin.
Meanwhile, Prime Minister Anwar Ibrahim on Thursday dismissed claims that his administration is using the MACC as a political tool against Bersatu.
Datuk Seri Anwar said he had never directed the agency to act against Mr Muhyiddin’s party, pointing out that enforcement agencies remained independent under his administration.
“We did not ask for the MACC to act against Bersatu, nor any individuals. They are free to investigate. The only thing I appeal to them is for the agencies to be proactive and efficient and act fast if there are complaints and cases,” he said.
“This is because the thrust of this administration is good governance with an aim to rid the country of power abuse and corruption.”
Last December, MACC said it would look into an alleged misappropriation of RM600 billion (S$185 billion) of funds by the former administration led by Mr Muhyiddin’s PN coalition.
It said the focus remained on the RM92.5 billion spent as stimulus during the pandemic, as these initiatives were fast-tracked because of pressing needs during nationwide lockdowns.
Graft busters raided eight government agencies and nine companies last December, after investigations found they had received what a source told The Straits Times was a “huge allocation” from the stimulus packages approved by the government in 2020 and 2021.
On Jan 7, a close associate of Mr Muhyiddin was nabbed for his alleged role in brokering government projects in exchange for bribes.
Malaysia Pension Fund EPF Scrutinised Over RM 700 Million Losses In Airport Privatisation Deal
28 February, 2025
Malaysia’s statutory pension fund has been questioned by lawmakers over “losses” of up to RM700 million (S$212 million) it allegedly incurred by selling 163 million shares in Malaysia Airports Holdings (MAHB) for as low as RM6.80 per share just months before buying them back for RM11 apiece in a privatisation deal.
On Feb 17, a parliamentary panel summoned top executives from the Employees Provident Fund (EPF), a substantial shareholder in MAHB, to explain the deal that would delist the state-controlled airport operator and bring in fresh investors including US investment fund BlackRock’s Global Infrastructure Partners.
EPF’s chief executive Ahmad Zulqarnain Onn attended the hearing. Also summoned to brief the Select Committee on Finance and Economy was EPF’s partner in the MAHB privatisation, the country’s sovereign wealth fund Khazanah Nasional.
Several sources in the know about the hearing told The Straits Times that the committee also grilled EPF on why it had slashed its MAHB stake from 15.6 per cent to 5.8 per cent between December 2022 and December 2023, before then raising its stake to 30 per cent as part of the consortium taking the Malaysian company private.
Critics say these sales, transacted at between RM6.80 and RM7.70 apiece, had resulted in “losses” ranging from RM500 million to RM700 million when EPF needed to repurchase the 163 million shares back at a higher price under the privatisation exercise.
EPF has held shares in MAHB, which runs 40 airports nationwide, since its listing in 1999.
It had never reduced its holdings as drastically as it did in 2023, shedding nearly 10 percentage points. Aside from this, in the two decades since 2005, it has never divested more than two percentage points in a year.
Finance Minister II Amir Hamzah Azizan, who was EPF’s CEO during the period when the fund slashed its stake in MAHB up until he joined the Cabinet in December 2023, has denied any wrongdoing.
On Feb 20 in Parliament, he defended the share divestment, saying that “Chinese walls” were in place at the fund to keep EPF’s trading and strategic investment teams from sharing sensitive information with each other and prevent insider trading, in accordance with the Capital Markets and Services Act (CMSA).
A Chinese wall or “ethical wall” in business refers to a virtual information barrier erected between those with and without material, non-public information to prevent conflicts of interest. This is to ensure that insider information does not translate into insider trading, which is a criminal offence.
The minister added that the much-criticised sale of MAHB shares before the privatisation exercise had realised gains of RM102 million, not losses.
Much of the divestment happened during the latter part of 2023 when the pension fund with 16 million members was already mulling over a “strategic investment” into MAHB, according to sources privy to the Select Committee hearing.
“The EPF CEO confirmed that his position is ‘above the (Chinese) wall’ but insisted that not interfering with the traders and fund managers was legally necessary,” a source said.
EPF chief investment officer Rohaya Yusof, whose department oversees stock exchange, private equity and strategic investments, sits on the MAHB board and would also have been in the know about details of the privatisation, the source noted.
Senior leaders from Malaysian Prime Minister Anwar Ibrahim’s ruling alliance and veteran financial journalists have insisted that EPF is not a bank but an investment firm, and as such is not bound to implement the Chinese walls requirement. Instead, it should make investment decisions based on all available information.
The CMSA specifically excludes corporations and their officers from insider trading rules when trading shares of other companies “merely because (they are) aware that (they propose) to enter into or (have) previously entered into one or more transactions or agreements in relation to those” companies in the course of their duties.
Some critics have suggested that to avoid suspicion of insider trading, EPF should have stopped all trades in MAHB the moment it began working on the privatisation deal.
“It’s like a father who is above the wall who purchases a home for RM250,000, with one son selling it off for RM600,000 and it (being) repurchased by another son for RM1.1 million,” said Malaysian Chinese Association president Wee Ka Siong, a former transport minister who used to oversee the aviation industry.
“Who profited from this? And who incurred losses… obviously, the (EPF) contributors,” he added in a Facebook post on Jan 18.
Malaysia’s EPF, which is similar to Singapore’s Central Provident Fund, manages the compulsory savings plan and retirement planning for workers in the country.
All employees and their employers in Malaysia are required by law to contribute to the fund.
Dr Wee’s sentiment was echoed by Umno veteran and former finance minister Tengku Razaleigh Hamzah, who has called on the authorities, including anti-graft enforcers, to probe whether EPF acted on external instructions.
“I believe there is an element of manipulation here that cannot be forgiven,” he said in a video on Facebook on Feb 21.
So far, it has been largely Democratic Action Party MPs, whose leader is Transport Minister Anthony Loke, who have defended the deal against the opposition, as well as friendly fire.
The move to bring in BlackRock had sparked controversy, especially among the country’s Malay-Muslim majority when the privatisation deal was announced in May 2024 owing to the US firm’s business links to Israel.
There were further grumbles in January when the acceptance threshold of the RM11 takeover offer was reduced to 85 per cent, after it failed to reach an initial 90 per cent despite an extension of the deadline.
All five MAHB independent directors had advised shareholders not to accept the offer and resigned upon the airport operator’s delisting on Feb 25.
ST has reached out to Securities Commission Malaysia for comment. The industry regulator had said in January that it was “monitoring the situation closely”.
Source : Straits Times
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